Charlie Munger said the following to investors at the 2021 Daily Journal shareholder meeting: “Robinhood trades are not free. When you pay for order flow, you're probably charging your customers more and pretending to be free. It's a very dishonorable, low-grade way to talk.”  In this episode, you will learn: - What did Charlie Munger mean by this? - How does Robinhood say they make money? - What is payment for order flow (PFOF)? - How does Robinhood incentivize active trading? - Is active trading detrimental to your financial future? For more investing content like this, subscribe to the podcast so you never miss an episode. You can view all the referenced materials via cmqinvesting.substack.com in a post with the same title as this episode.